i need the answer quickly Required information[The following information applies to the questions displayed below.]Golden Corporation's current year income statement, comparative balance sheets, and additional information follow. Forthe year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) allpurchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) anychange in Income Taxes Payable reflects the accrual and cash payment of taxes.AssetsCashGOLDEN CORPORATIONComparative Balance SheetsDecember 31Current YearPrior Year$ 119,10082,000Accounts receivableInventoryTotal current assetsEquipmentAccumulated depreciation-EquipmentTotal assetsLiabilities and EquityAccounts payableIncome taxes payableTotal current liabilities.EquityCommon stock, $2 par valuePaid-in capital in excess of par value, common stockRetained earningsTotal liabilities and equitySalesCost of goods soldGross profitGOLDEN CORPORATIONIncome StatementFor Current Year Ended December 31$ 1,847,0001,097,000750,000505,00054,000191,000Operating expenses (excluding depreciation)Depreciation expenseIncome before taxesIncome taxes expenseNet incomeAdditional Information on Current Year Transactionsa. Purchased equipment for $54,600 cash.37,400$ 153,600b. Issued 13,100 shares of common stock for $5 cash per share.c. Declared and paid $100,000 in cash dividends.$ 175,00099,500617,500892,000364,600(163,500)$ 1,093,100$ 109,00039,000148,000537,000738,100310,000(109,500)$ 938,600$ 82,00030,600112,600605,200215,800124,100$ 1,093,100Required:Prepare a complete statement of cash flows using the direct method for the current year.Note: Amounts to be deducted should be indicated with a minus sign.GOLDEN CORPORATIONStatement of Cash FlowsFor Current Year Ended December 31Cash flows from operating activities$0Cash flows from investing activitiesCash flows from financing activitiesNet increase (decrease) in cashCash balance at December 31, prior yearCash balance at December 31, current year00$0$0579,000176,50070,500$ 938,600

A cash flow statement is a financial statement that summarizes the cash and cash equivalents flowing…

Golden Corporation's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. Assets Cash GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year $ 119,100 82,000 Accounts receivable Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity GOLDEN CORPORATION Sales Income Statement For Current Year Ended December 31 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income Additional Information on Current Year Transactions a. Purchased equipment for $54,600 cash. $ 1,847,000 1,097,000 750,000 505,000 54,000 191,000 37,400 $ 153,600 b. Issued 13,100 shares of common stock for $5 cash per share. c. Declared and paid $100,000 in cash dividends. $ 175,000 99,500 617,500 892,000 364,600 (163,500) $ 1,093,100 $ 109,000 537,000 738,100 310,000 (109,500) $ 938,600 $ 82,000 30,600 112,600 39,000 148,000 605,200 579,000 215,800 176,500 124,100 70,500 $ 1,093,100 $ 938,600 Required: Prepare a complete statement of cash flows using the direct method for the current year. Note: Amounts to be deducted should be indicated with a minus sign. GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities $ 0 Cash flows from investing activities Cash flows from financing activities Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year 0 0 $ 0 $ 0